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Fraud*According to the Collins English Dictionary 10th Edition fraud can be defined as: "deceit, trickery, sharp practice, or breach of confidence, perpetrated for profit or to gain some unfair or dishonest advantage".[1] In the broadest sense, a fraud is an intentional deception made for personal gain or to damage another individual; the related adjective is fraudulent. The specific legal definition varies by legal jurisdiction. Fraud is a crime, and also a civil law violation. Defrauding people or entities of money or valuables is a common purpose of fraud, but there have also been fraudulent "discoveries", e.g. in science, to gain prestige rather than immediate monetary gain*As defined in Wikipedia

Monday, September 10, 2012

The words in the title of this blog come from H. "Woody" Brock, Ph.D, President, Strategic Economic Decisions, Inc., who has other interesting and insightful things to say about capitalism and how it is being played out in America. He contrasts "true" capitalism with crony capitalism.

"Crony capitalism is a term describing an economy in which success
in business depends on close relationships between business people and
government officials. It may be exhibited by favoritism in the
distribution of legal permits, government grants, special tax breaks, or other forms of dirigisme[1] Crony capitalism is believed to arise when political cronyism spills over into the business world; self-serving
friendships and family ties between businessmen and the government
influence the economy and society to the extent that it corrupts public-serving economic and political ideals." (from Wikipedia)

Elsewhere, Ralph Nader describes some of the aspects of capitalism by stating what defines it and at the same time hints at what capitalism should not look like:

--In capitalist society, when business fails, it is not bailed out;

--Business cannot lobby for the benefit of its own position;

--Capitalism works for the good of all, not just the rich;

--Speculation with derivatives, polluting and gambling should not be part of capitalism;

--Capitalism is not solely about profit either for shareholders and top executives.

With the financialization of the economy and the deminuation of manufacturing, capitalism has focused more and more on ways to create huge profits for corporations which comes at the expense of ordinary citizens whose pensions and savings have been diminished and whose employment opportunities have suffered. Wealth has been, and still is being, transferred from the many below to the few at the top. With the fixation on attaining money, new financial innovations (like derivatives and outsourcing labor) have contributed to the rising inequality of wealth.

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Famous Quotes

The men the American people admire most extravagantly are the greatest liars; the men they detest most violently are those who try to tell them the truth. … H.L. Mencken

An age is called Dark not because the light fails to shine, but because people refuse to see it…James Albert Michener, novelist (1907-1997)

It is impossible to calculate the moral mischief, if I may so express it, that mental lying has produced in society. When a man has so far corrupted and prostituted the chastity of his mind as to subscribe his professional belief to things he does not believe he has prepared himself for the commission of every other crime. … Thomas Paine 1737-1809, Anglo-American Political Theorist, Writer

Laws just or unjust may govern mens actions. Tyrannies may restrain or regulate their words. The machinery of propaganda may pack their minds with falsehood and deny them truth for many generations of time. But the soul of man thus held in trance or frozen in a long night can be awakened by a spark coming from God knows where and in a moment the whole structure of lies and oppression is on trial for its life.: Sir Winston ChurchillWhen governments fear the people, there is liberty. When the people fear the government, there is tyranny. - Thomas Jefferson

When cheaters prosper, we end up with the worst possible system and to call it a free market system is an obscenity. -William BlackWhen the people fear their government, there is tyranny; when the government fears the people, there is liberty." - Thomas JeffersonI believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around the banks will deprive the people of all property - until their children wake-up homeless on the continent their fathers conquered. Thomas Jefferson - 1802

Don't be afraid to see what you see.

..................................... Ronald Reagan

When the people and the government fear Banksters like Goldman Sachs and JP Morgan, there is economic dictatorship that will destroy the very fabric of our existence as a civilized society.Mike Morgan

Let me control the money of a nation and I care not who makes its laws.Meyer Amsheil Rothschild

Together We Can Make A Difference!Larry Rubinoff*************Send your "Famous Quotes" to info@goldmansachs666.com